Question

What are the key factors for competitive success and why?

in 300 words

Answer 1

1) Reaching to customers - One of the most important factors for competitive is how many customers you are reaching. You've to extend your reach to them as much as the number of customers possible. The promotion mix plays a really important role in it.

2) Production of goods - Your method of production also plays the most important role in competitive advantage. Always try to have better technology of production than your competitors in the market. Technology helps you to transfer from labor-intensive manufacturing to Capital intensive manufacturing.

3) Beware of customers - Due to the availability of advanced technology, customers can compare your products with your competitors easily. So, if you're providing better goods, customers will automatically come towards your product. So, Your message towards customers also plays an important role.

4) Quality - Quality is defined as the state of goods or products as reliable and according to the needs or demands of the people. It is used to measure the excellence of anything. Any firm needs to achieve the quality to have a competitive advantage in the market. It is one of the basic elements of a product or service that the customer notices.

5) Distribution network - Distribution network also plays a major role in competitive advantage. It also matters if you're using a direct channel or an indirect channel. You can save more profit for the firm indirect channels as you can sell directly to customers at retail prices. In the indirect channel, you can save time for the firm and focus on more core issues of the firm.

6) Customer services - The firm's responsibility doesn't end once the product or service is reached to the customer or consumed by him. Services after purchase also matters. It would help if you had a proper customer care service network to solve customer issues or collect their feedbacks; otherwise, they will not prefer your company's product next time.

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